Southeast Corporate members approve merger with Corporate One

Michael Bridges

05/25/2012 03:40 pm

The members of Southeast Corporate Federal Credit Union, based in Tallahassee, voted to approve the merger into Corporate One Federal Credit Union, based in Columbus, OH. The merger is still hinging upon raising the necessary $75 million in capitalization money.

Final approval for the merger was 146-2. Ballots were submitted by member credit unions by mail and cast in person at a special member meeting at the Southeast Corporate’s Tallahassee office.

"Our members understand the merger with Corporate One is the last opportunity to preserve their capital and protect the credit union movement from further losses; thankfully, it's also a tremendous opportunity for them to become a part of one of our industry's most financially competent and progressive corporates," Southeast Corporate President/CEO Brad Miller told the CU Times.

So far members have committed $59 million of capitalization money with a May 31 deadline approaching.

"With the great progress we've made thus far in the capital raise, we anticipate we'll successfully meet our goal. However, we need those final capital dollars to ensure the merger is sound from a financial standpoint, and we'll continue to work diligently to earn every last commitment,” Corporate One President/CEO Lee Butke told the CU Times.